What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Amentum Holdings (AMTM) spend its free cash flow?

For TTM through Q2 2026, Amentum Holdings generated $465M of operating cash flow and $450M of free cash flow — a free cash flow margin of 96.8% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Amentum Holdings (AMTM) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Amentum Holdings's shareholder returns for TTM through Q2 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Amentum Holdings (AMTM) Cash Flow Waterfall

Operating CF

$465M

Capex

-$15M

Free Cash Flow

$450M

FCF Margin

+96.8%

Cash flow waterfall for Amentum Holdings (AMTM) — TTM through Q2 2026

Free cash flow: $450M

Cash flow breakdown for Amentum Holdings (AMTM) — TTM through Q2 2026

Line item	Amount	Running total
Operating Cash Flow	$465M	$465M
Capital Expenditure	-$15M	$450M
Free Cash Flow	$450M	$450M
Acquisitions	$313M	$763M
Other Investing	-$82M	$681M
Net Debt Change	-$773M	-$92M
Other Financing	-$33M	-$125M
Forex Effect	$7M	-$118M
Net Cash Decrease	-$118M	-$118M

Operating Cash Flow$465M
Capital Expenditure-$15M
Free Cash Flow$450M
Acquisitions$313M
Other Investing-$82M
Net Debt Change-$773M
Other Financing-$33M
Forex Effect$7M
Net Cash Decrease-$118M

Want to see what drove the FCF change?Free Cash Flow Bridge

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